Due to the dramatic fall in the value of rupee and a surge in crude oil prices, state-owned oil firms on Monday increased the prices of both petrol and diesel in Mumbai to a new high. In Mumbai, the price petrol touched Rs 86.56 a litre – an increase by Rs 0.58/litre – and diesel to Rs 75.54/litre – an increase by Rs 0.44/litre, respectively.
In Delhi, the petrol price touched Rs 79.15 per litre which is an increase by Rs 0.31/litre. On September 1, 2018, Delhi woke up to the revised petrol and diesel prices, which were hiked by Rs 0.16 per litre and 0.34 per litre respectively.
With the updated prices, the petrol and diesel prices are continuing to haunt the citizens with its rising value. Oil Marketing Companies (OMCs) on Sunday hiked petrol and diesel prices by 16 paise and 31 paise respectively. This broke the last record of Rs 86.24 a litre for petrol and Rs 73.79 a litre for diesel on May 29.
In Kolkata and Chennai, the petrol is priced at Rs 81.76 per litre and Rs 81.93 litre respectively. On the other hand, the diesel is priced at Rs 74.41 per litre in Chennai and Rs 73.27 per litre in Kolkata. The graph of petrol and diesel prices is continuing its upward movement since last week.
According to reports, the fuel prices are cheapest in Delhi as compared to the other metro cities and state capitals following the lower sales tax or Value Added Tax (VAT). There are reports that the devaluation of the Indian rupee against the US dollar and hike in crude oil price in the global market could be the two reasons behind the persistent fuel price hike.
Meanwhile, Maharashtra transporters, burdened with diesel price hikes for a fortnight, have threatened to agitate and increase freight rates by 10-15% if there is no control or reduction in rates.